The rule to remember when accounting for bonds sold at a premium or at a discount is that bonds payable is always credited for the face amount of the bond issue, regardless of the selling price. if a bond with a face value of $50,000 was sold at a premium for $52,000, what account would be credited and for how much?

Cr Bonds Payable account 50,000

Cr Premium on Bonds Payable account 2,000

Explanation:

The complete journal record should be:

Since cash is an asset and it increases, it should be debited.

Since bonds payable and premium on bonds payable are liabilities and they increase, they should be credited.

a. $48.75

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